TIDMB90
RNS Number : 6110S
B90 Holdings PLC
17 March 2021
17 March 2021
B90 Holdings plc
("B90", the "Company" or the "Group")
Grant of New Options
Cancellation of Existing Options
Related Party Transaction
B90 Holdings plc (AIM: B90), the online marketing company for
the gaming industry , announces that, as indicated in the Company's
Corporate Update announcement issued earlier today, it has granted
options over, in aggregate, 6,215,000 ordinary shares of no par
value ("Ordinary Shares") to certain directors and employees of the
Company (the "New Options"), pursuant to the terms of Company's
Long Term Incentive Plan - May 2016 (as amended) (the "2016
Plan").
The New Options have an exercise price of 5p per share, being
the price at which the outstanding, in aggregate, EUR4.39m
convertible loan notes can be converted into new Ordinary Shares.
Pursuant to the terms of the 2016 Plan, the New Options will vest
in equal instalments over the four years following the first
anniversary of the date of grant and any of the New Options that
remain unexercised on the fifth anniversary of the date of grant
will lapse. Details of the New Options that have been granted are
summarised in the table below:
Individual(s) Number of New Grant date Exercise price
Options granted
Paul Duffen 1,800,000 16-Mar-21 5p
----------------- ----------- ---------------
Marcel Noordeloos 2,100,000 16-Mar-21 5p
----------------- ----------- ---------------
Rainer Lauffs 1,800,000 16-Mar-21 5p
----------------- ----------- ---------------
Other employees 515,000 16-Mar-21 5p
----------------- ----------- ---------------
In light of the New Options being granted, in aggregate,
3,670,000, existing options ("Existing Options"), granted under the
terms of 2016 Plan, have been cancelled (the "Cancellation"). The
Cancellation includes, in aggregate, 3,300,000 Existing Options
granted to certain directors, being Paul Duffen, Marcel Noordeloos
and Rainer Lauffs. Details of the Existing Options that have been
cancelled are summarised in the table below:
Individual(s) Number of Existing Grant date Exercise price
Options cancelled
Paul Duffen 1,000,000 14-Feb-19 15p
------------------- ----------- ---------------
Marcel Noordeloos 750,000 30-Jun-16 25p
------------------- ----------- ---------------
550,000 14-Feb-19 15p
------------------- ----------- ---------------
Rainer Lauffs 750,000 30-Jun-16 25p
------------------- ----------- ---------------
250,000 14-Feb-19 15p
------------------- ----------- ---------------
Other employees 70,000 14-Feb-19 15p
------------------- ----------- ---------------
300,000 30-Jun-16 25p
------------------- ----------- ---------------
Accordingly, the aggregate number of options now held by the
directors are as follows:
Director Existing Options New Options
Paul Duffen - 1,800,000
------------------ ------------
Mark Rosman 950,000 -
------------------ ------------
Marcel Noordeloos - 2,100,000
------------------ ------------
Rainer Lauffs - 1,800,000
------------------ ------------
Following today's grant of New Options and Cancellation of
Existing Options, the Company has, in aggregate, 8,190,000 options
outstanding, representing approximately 8.54% of its current issued
share capital.
Related party transaction
The Cancellation in respect of the Existing Options held by
certain directors of the Company and award of New Options to
certain directors of the Company (the "Director Option
Cancellation"), being Messrs Duffen, Noordeloos and Lauffs, is
considered a related party transaction under the AIM Rules for
Companies. Mark Rosman, independent director in respect of the
Director Option Cancellation, considers, having consulted with the
Company's nominated adviser, Strand Hanson Limited, that the terms
of the Director Option Cancellation are fair and reasonable insofar
as the Company's shareholders are concerned.
Issue of warrants
The Company also announces that it has issued 750,000 warrants
to a corporate adviser to subscribe for new Ordinary Shares at a
price of 5 pence per share, exercisable for a period of three
years.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 .
1 Details of the persons discharging managerial responsibilities
a N a me 1. Paul J Duffen
) 2. Marcel Noordeloos
3. Rainer Lauffs
------------------------- ----------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a Position / s t a tus 1. Executive Chairman
) 2. Finance Director
3. Director - Operating officer
------------------------- ----------------------------------------
b) Initial notification Initial notification
/ Amendment
------------------------- ----------------------------------------
3 Details of the issuer
-------------------------------------------------------------------
a Name B90 Holdings plc
)
------------------------- ----------------------------------------
b) LEI 2138007KWLZHV5I1A979
------------------------- ----------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-------------------------------------------------------------------
a) Description of the Options over Ordinary Shares of no par
fina n cial instrume value
n t , type of ins t
rument
------------------------- ----------------------------------------
Identification code ISIN for Ordinary Shares: IM00BYT32K14
------------------------- ----------------------------------------
b) Nature of t h e transact Grant of options
i o n
------------------------- ----------------------------------------
c) Price(s) a n d vo l Option Price Vo l ume (s)
ume (s) (s)
5p 1. 1,800,000
-------------------
2. 2,100,000
-------------------
3. 1,800,000
-------------------
------------------------- ----------------------------------------
d) Aggregated information
- Aggregated volume * Options over 5,700,000 shares
- Price
* 5p per share (exercise price)
------------------------- ----------------------------------------
e) Date of the transaction 17 March 2021
------------------------- ----------------------------------------
f) Place of the transaction Outside a trading venue.
New Ordinary Shares issued on exercise
of options will be admitted to trading
on AIM, London Stock Exchange
------------------------- ----------------------------------------
For further information please contact:
B90 Holdings Plc +44 (0)1624 605 764
Paul Duffen, Executive Chairman
Marcel Noordeloos, Chief Financial Officer
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
James Harris / James Dance
Whitman Howard Ltd (Broker)
Nick Lovering / Christopher Furness
IFC Advisory (Financial PR & IR) +44 (0)20 3934 6630
Tim Metcalfe / Graham Herring / Zach Cohen
About B90 Holdings plc
B90 Holdings plc is a group of companies focused on the
operation of its own online Sportsbook and Casino product as well
as marketing activities for other online gaming companies.
Website: www.b90holdings.com
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